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Tech capital markets started off the year reeling from COVID and closed out the decade with historic records on every core benchmark. Tech IPO proceeds, which have averaged $21 billion for 9 years, shattered the record and surpassed $84 billion in 2020. Announced tech M&A deals surpassed $600 billion in value for the first time ever. The revenue multiple on leading public SaaS companies, which has averaged 9.1x for the decade, is currently at 20.3x. Our old friend, Mr. SPAC, who has been in hiding for over 10 years since his last run in with Wall Street, is back and back big with nearly $90 billion in tech M&A and $40 billion in tech IPOs. The SPAC is the gift that keeps giving because that $40 billion has to go right back into the M&A market, buying up tech businesses, which could represent as much as a 42% boost to 2021's total M&A activity.

SPACs Crash the Tech Gold Rush

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